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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Wednesday, September 15, 2010

The 'Goldman Conspiracy'

Here's a great article by Paul Farrell on how "Goldman's insatiable greed is so blinding that Goldman has lost the ability to see the long-term consequences of its sad un-American behavior." Well... that and the probability we need to learn Chinese.
[...] Li is not as visually dramatic as Matt Taibbi's Rolling Stone picture of Goldman as a "great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money." But Li's Chinese readers love his "Goldman Sachs knows when to go for your neck" like a "Manchurian tiger."
China's Trump shows no fear

Ren Zhiqiang, chairman of Hua Yuan Property Co. and one of China's most outspoken real estate tycoons, explains why he criticizes the Communist Party and what it takes to attract two million followers to a Chinese microblog.

But is the Goldman Conspiracy really a threat to China? That's a joke, right?

It's the exact opposite. In fact, it should be obvious that China is actually a "great vampire squid wrapped around the face of Goldman, relentlessly jamming its blood funnel into anything that smells like Goldman's capital, talent and connections."

Then, eventually, in a generation, by 2040, China will suck the life out of Goldman. At the same time, back here stateside, China must be quietly cheering as America's "bloodsucking vampire squid" sucks the life out of our capitalism and democracy, as the Goldman Conspiracy's insatiable greed aggressively sabotages America from within.


Read this and weep, or get mad as hell: By 2040, in just one generation, 30 years, here's how Fogel sees the rapidly emerging new world order, with China as the world's sole superpower economy and America a distant second, a has-been on the global stage, thanks in part to the Goldman Conspiracy and its influence on so many bad decisions in recent years. Fogel warns:

"In 2040, the Chinese economy will reach $123 trillion, or nearly three times the economic output of the entire globe in 2000. China's per-capita income will hit $85,000, more than double the forecast for the European Union, and also much higher than that of India and Japan. In other words, the average Chinese megacity dweller will be living twice as well as the average Frenchman when China goes from a poor country in 2000 to a superrich country in 2040.

Read the rest here


Anonymous said...

Elizabeth Warren Tossed a Bone and Appointed Geithner's Lapdog

The clashes reflect fundamental differences in philosophy. Geithner, the Administration that stands behind him, and Dodd all are staunch defenders of our rapacious financial services industry, even though they make occasional moves to disguise that fact. Warren, by contrast, is clearly a skeptic, and a dangerous one to boot, because she understands the abuses well and is able to communicate effectively with the public.

Anonymous said...

Rosenberg Joins Anti-HFT Crew: Notes Massive Equity Outflows, Blames Churning, No-Volume Melt Up On HFT

Those who have continued to believe that the boomer demand for yield was a fad may have to go back to the drawing board because week after week, and month after month, all the data show that households are embarking on a deliberate move to redress their underweight in bonds and overweight in equities as it pertains to their desired asset allocation. So yet again, the ICI numbers showed that last week, bond funds took in a net $5.73 billion inflow while equity funds posed a net redemption of $1.1 billion (on top of a $9.7bln outflow the week before). Equities have not recorded a positive inflow for one week since early May! So it goes without saying that whoever is driving this market higher is not where the wealth and savings are in this society as much as the high-frequency traders, and rest assured, these guys move in both directions.

Anonymous said...

China won't be able to continue to expand at that rate through 2040. There won't be enough resources and fossil fuels to allow that kind of expansion. China will begin to enter a deflationary period , along with the rest of the global economy, that will last for decades. This will start when their real estate bubble crashes.

Anonymous said...

Welcome to the United States of Austerity / Towards a very serious breakdown of the world economic and financial system

(September 16, 2010) -

Supporters of the « Tea Party (14) » and « new secessionist (15) » movements... want to « break the Washington Machine » (and by extension that of Wall Street) without having feasible proposals to solve the country’s myriad problems (16).

For example, we are already seeing a very specific expression of this widespread anger against Wall Street in that Americans have deserted the stock market (18).

Each month, an increasing number of « small investors » leave Wall Street and the financial markets (19), today leaving more than 70% of transactions in the hands of major institutions and other « high frequency traders ».

If one keeps in mind the traditional image that the stock exchange is today’s temple of modern capitalism, then we are witnessing a phenomenon of loss of faith comparable to people’s disaffection with official demonstrations experienced by the communist system before its fall.

Anonymous said...

The committee to destroy the USA - Eric Janszen

If home values are permitted to decline another 20% to pre-bubble levels, and mortgages are written down to pre-bubble levels, US households will have approximately $1 trillion dollars more to spend annually.

Just imagine the kind of stimulus that will provide. It’s the equivalent of a $1 trillion per year tax cut, and without reducing pension liabilities, military spending, raising taxes on the rich or anyone else.

This is the debt overhang that is killing the US economy. It is owed to the politically protected banking industry by the increasingly politically impotent American voter. It is curiously framed as a left versus right issue, but the real battle is between creditors and borrowers, and between debtors and saver, and the interests that represent them.

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